Don't know your situation but savings does not imply only money.
You can save your money towards retirement, then get into woodworking as a full-time hobby to keep you busy. But that lathe or jointer that cost $x dollars in 2007 will then cost twice that much and will be made out of plastic in a third world country by 2014.
Or you can buy the tools now as an investment towards your retirement years. In the mean time, you can use them to build presents for your miserly sweetie. Also, when you retire, ww newbies will look at your tools as back-in-the-day classics.
"I tell you, we are here on Earth to fart around, and don't let anybody tell you different." - Kurt Vonnegut